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PIB’ll Address Production Sharing Contracts Issues On Gas, FG Confirms

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The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the Petroleum Industry Bill (PIB) currently before the National Assembly will resolve the issues under the Production Sharing Contracts (PSC) on gas.

Sylva made this known at a National Assembly Public Hearing organised by the Joint Committee on Gas Resources, Petroleum Resources, Upstream and Downstream, in Abuja.

The hearing was on the topic: “Inclusion of Gas Terms in Production Sharing Contracts by the Nigerian National Petroleum Corporation (NNPC).”

He said that issues on gas terms were not captured under the PSC, especially with the commercial aspect.

“Issues on gas terms were not captured in the PSC because at the time, the offshore was just a frontier territory, today, it is no longer frontier, it is a proven territory.

“There have been a lot of discussions on how we can change the terms, I believe that most of these issues will be addressed in the PIB, especially the issues around gas terms which we all believe were not properly captured in the document.

“Already, the NNPC is engaging in a lot of discussions around the PSC, most of them are commercial discussion and they are bringing good progress.

“But of course, knowing that the PIB is in sight, and the National Assembly invited us for this, we felt that we are making progress and I believe that the PIB will be able to resolve some of the issues that will come up in the discussion,’’ Sylva said.

He noted that part of the reason gas was not captured in the PSC was because it was not the focus in the exploration activities at the time.

According to him, the new push for gas is what is needed for economic development in the country.

Sylva said that government had in December 2020 rolled out auto gas initiative and would soon inaugurate tax force that would ensure full implementation to make Nigerians use gas in their cars.

“In terms of domestic household usage, we are also pushing for penetration, especially in the rural areas. The general idea is to make sure that gas is pushed to the fore in Nigeria,” he said.

Sylva urged the National Assembly to live up to its promise of the passage of the PIB in April to help the growth of the oil and gas sector and the country at large.

In his remarks, the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, said that in November 2019, the House resolved to take necessary action to achieve focused utilisation of abundant natural gas resources.

“To that end, the House appointed a joint committee made up of the committees on Gas Resources, Petroleum Resources (Downstream) and Petroleum Resources (Upstream) to engage with stakeholders, review statutes and make recommendations to the House of Representatives, and to the Federal Government.

“The Public Hearing we have gathered for today is an important part of the joint committee’s assignment.

“It is also an opportunity for stakeholders across the oil and gas sector and the country, to present information, and contribute ideas that will help the joint committee arrive at the proper conclusions and propose effective solutions.

“This Public Hearing ought to have happened and the joint committee’s assignment should have been completed long before now. However, we had to adjust plans and make modifications to accommodate the new realities imposed due to the emergence of the Covid-19 pandemic,’’ he said.

The minister said that Nigeria’s natural gas resources had existed almost as an afterthought both as a matter of policy making and as a focus of investment and exploration.

“Given the potential of natural gas for industrialisation, job creation and revenue generation for government, this is a significant error that ought to be corrected with all urgency,” he added.

Also, the Group Managing Director of NNPC, Malam Mele Kyari, said that the 1993 PSC was designed around award of crude oil that was why the framework for gas was weak.

Kyari said that adequate proposal had been made in the current PIB to capture all that was necessary in gas terms.

He said that the non associated gas in the country needed fiscal response than the associated gas.

According to him, good fiscal environment and pricing framework are the two things needed to ensure that the PSC will work.

In his remarks Lead Chairman of the Committee, Hon. Nicholas Mutu, said that the committee would focus on ensuring that Nigerians benefit from huge deposit of gas.

Mutu said that the review of contract terms to accommodate cost was necessary to ensure gas was utilised for economic development.

 

 

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Yahaya Bello: Senator Hails EFCC’s Probe Of N80.2bn Fraud

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Senator representing Kogi Central Senatorial District in the National Assembly, Natasha Akpoti-Uduaghan, has commended the efforts by the Economic and Financial Crimes Commission, (EFCC) to apprehend and prosecute the immediate past governors of Kogi State, Alhaji Yahaya Bello, over an alleged N80.2 billion fraud.
This is just as she also hailed the EFCC chairman, Ola Olukoyede, for ceding 14 properties that were initially forfeited to the federal government to the government and people of Enugu State.
Reacting to Bello’s excuse for not honouring the EFCC’s invitation, the lawmaker emphasized the need for the commission to investigate other corrupt public officials to avoid the impression that their actions against former governor were meant to witch hunt him.
In a now-viral video, the EFCC chairman had claimed Belloh told him that a female senator (name withheld) allegedly gathered journalists to humiliate him anytime he was at the agency’s Abuja office for interrogation.
“I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.
“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him,” Olukoyede was quoted as saying.
But Senator Natasha in a statement signed by her Chief Press Secretary, Arogbonlo Israel and issued at the weekend in Abuja, reminded Yahaya Bello of the importance of respecting Nigeria’s laws and constitution, given his former position as the chief security officer of Kogi.
“I was surprised to hear that Yahaya Bello evaded the invitation from the EFCC, despite having served as Kogi’s former chief security officer. As a former governor, he should understand the importance of respecting Nigeria’s laws and constitution.
“It’s a well-known fact that ‘he who comes into equity must come with clean hands’. As such, I advise him to honour the invitation and clear his name while he still has the chance.
“I’d also like to take this moment to appreciate the diligence of the EFCC in handling the case so far. No Nigerian is above the law, and therefore the agency must see this case through to the end if they are to gain the trust of both Nigerians and the international community in the fight against corruption,” she said.

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Senate  Frowns Over Continued Depreciation Of Naira

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Worried over the  latest depreciation of the Naira against major foreign currencies, the Senate through its Committee on Finance, has  stated that the Legislature  is  exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability in the country.
These, according to the committee, in a statement signed by its chairman, Senator Sani Musa (APC Niger East) and released yesterday, includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.
Senator Musa said the statement became necessary “to address the current state of the economy and the need for concerted efforts at tackling the instability and continuous depreciation of the Naira.”
This is even as he hoped that the “economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity”, pledging the support of the National Assembly to the executive arm of government to achieve the set goals.
He, however, urged Nigerians to remain vigilant and resilient as they navigate these uncertain times, saying “together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”
The statement titled: “State of the Nation Economy and Naira Depreciation’, reads “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

“The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.

“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.”

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WIW: Banigo Advocates Legislative Impetus

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The Senator, representing Rivers West Senatorial District at National Assembly Sen.Dr. Ipalibo Harry Banigo has advocated for legislative backings to enforce immunisation as a pre-condition for admission into nursing, primary and secondary schools in Nigeria.
Banigo made the assertion recently in a statement to commemorate this year’s week-long immunisation campaign in line with the World Health Organisation advocacy.
Banigo, a Harvard-trained Public Health personnel, explained that such legislation would strengthen the National Immunisation Policy in the administration of vaccines, saves lives, helps in the child normal growth, prevents serious illness and disabilities such as poliomyelitis .
The former Deputy Governor of Rivers State who is also the Chairman, Senate Committee on Health (Secondary and Tertiary), noted that Nigeria must attain at least, 90 percent vaccine coverage for all childhood and adolescence; stressing that a fully vaccinated child should have received BCG, Mussels and three doses of DTP and Polio .
She emphasised the need for collective efforts by stakeholders in the campaign against preventable diseases .
The theme for this year’s World Immunisation Week is “Humanly Possible: Saving Lives Through Immunisation” while the national theme is “Vaccine Works For All”.

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